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In trading on Monday, shares of the Proshares UltraShort 20+ Year Treasury ETF (AMEX: TBT) entered into oversold territory, changing hands as low as $67.9201 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of Proshares UltraShort 20+ Year Treasury, the RSI reading has hit 28.4 — by comparison, the RSI reading for the S&P 500 is currently 55.2.

A bullish investor could look at TBT's 28.4 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

Looking at a chart of one year performance (below), TBT's low point in its 52 week range is $58.23 per share, with $82.80 as the 52 week high point — that compares with a last trade of $68.10. Proshares UltraShort 20+ Year Treasury shares are currently trading off about 1% on the day.